A recent report from Bitso, a long-standing Ripple partner, highlights growing traction among Latin American users for XRP.
The report shared the activities of Latin American (LATAM) users on Bitso’s crypto platform in the previous year. Notably, it highlighted some interesting details, including XRP’s meteoric rise to fame among its customers.
For context, the 2024 report shows that despite a decrease in activities on the platform, the acquisition of XRP increased substantially. The outline indicated that users bought more of the asset than prominent coins like Ethereum, Solana, and Dogecoin.
Bitso Users Stacking XRP
Meanwhile, the report underscores XRP’s preference last year. XRP accounted for 9% of all purchases on the Bitso platform, 3% more than the meme coin PEPE, which ranks next to it. In addition, Ethereum, Solana, and Dogecoin acquisitions accounted for 5%, 4%, and 2% of all LATAM buy activities, respectively, falling short of XRP’s traction.
However, Bitcoin and stablecoins dominated trading activity on Bitso last year. The pioneering cryptocurrency accounted for an average of 22% of all purchases, down from 28% in the first half of the year alone. Meanwhile, stablecoins led proceedings, with 39% of acquisitions tied to the dollar-pegged digital asset.
Purchase Distribution Per Coin for 2024
Furthermore, Mexicans bought more XRP than any other Latin American geographical region. Aside from preferences for Bitcoin and stablecoins, 10% of buying activities among the nation’s users were accumulating XRP.
From No XRP to 12% of Average Portfolio Composition
Meanwhile, the report identified a drastic change in average portfolio distribution as preferences among LATAM users evolve. Interestingly, a notable rotation was seen, particularly towards XRP, as users held more of the token compared to the previous year.
The statistics show that in 2023, XRP was not part of the average portfolio composition of Latin American users on Bitso. However, things escalated quickly last year, resulting in an average distribution of 13%. This means that portfolios of users in the region comprise at least 13% of XRP, a testament to the emerging interest in the ecosystem.
LATAM Average Portfolio Composition
Notably, factors such as potential regulatory clarity and the asset’s performance may have contributed to this newfound interest in the XRP. For context, XRP grew 238% in 2024, its strongest performance since 2021, with most of the rally happening in the last quarter of the year. Interestingly, the optimism triggered by Donald Trump’s election victory and the resignation of US SEC Chair Gary Gensler ignited this foray.
Bitso’s report highlighted a renewed interest in the XRP ecosystem in Latin America. Notably, the crypto exchange is a long-standing Ripple partner, facilitating cross-border remittances in LATAM. In 2022, Bitso processed $3.3 billion in remittances between the US and Mexico for Ripple.
